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| Tekijä: | LaPlante, M. Muscarella, C. J. |
| Otsikko: | Do institutions receive comparable execution in the NYSE and Nasdaq markets? A transaction study of block trades |
| Lehti: | Journal of Financial Economics
1997 : JUL, VOL. 45:1, p. 97-134 |
| Asiasana: | FINANCIAL MARKET TRADING LIQUIDITY PRICES |
| Kieli: | eng |
| Tiivistelmä: | This paper compares the price impact of block trades on the NYSE and the Nasdaq market to contrast the liquidity of the two trading structures. The paper studies a sample of Nasdaq-traded issues that meet NYSE listing criteria during 1988-1990. Companies with a relatively high percentage of their shares traded in blocks and eligible to change trading mechanisms may be concerned about the effects of different trading structures on block trades, given that the number and volume of block trades and the percentage and type of institutional ownership are similar in the two markets. The paper extends prior research on block trades that focuses on large trades in organized exchanges. |
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